Fair Value of Financial Instruments (Tables) - Short-term investments

6 Months Ended

Jun. 30, 2022

Summary of Fair Value of Financial Instrument

The following tables summarize the fair value of the Company’s financial instruments (in thousands):

			Fair Value Measurements Using
	June 30, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	125,653	$	125,653	$	—	$	—
Commercial paper		4,993		—		4,993		—
Total cash equivalents	$	130,646	$	125,653	$	4,993	$	—
Short-term investments:
Corporate debt securities	$	112,634	$	—	$	112,634		—
Commercial paper		64,153		—		64,153		—
U.S. Government securities		104,518		—		104,518		—
Total short-term investments		281,305		—		281,305		—
Total	$	411,951	$	125,653	$	286,298	$	—

			Fair Value Measurements Using
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	57,018	$	57,018	$	—	$	—
Short-term investments:
Corporate debt securities	$	111,466	$	—	$	111,466		—
Commercial paper		21,272		—		21,272		—
U.S. Government securities		44,534		—		44,534		—
Total short-term investments		177,272		—		177,272		—
Total	$	234,290	$	57,018	$	177,272	$	—

Schedule of Short-term Investments

The following tables summarize the Company’s short-term investments accounted for as available-for-sale securities as of June 30, 2022 and December 31, 2021 (in thousands):

		June 30, 2022
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	113,037	$	(407	)	$	4	$	112,634
Commercial paper	1 year or less		69,146		—			—		69,146
U.S. Government securities	1 year or less		105,046		(528	)		—		104,518
Total		$	287,229	$	(935	)	$	4	$	286,298

		December 31, 2021
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	111,548	$	(89	)	$	7	$	111,466
Commercial paper	1 year or less		21,272		—			—		21,272
U.S. Government securities	1 year or less		44,602		(68	)		—	$	44,534
Total		$	177,422	$	(157	)	$	7	$	177,272